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Asset protection strategies in Washington State

On Behalf of | May 24, 2022 | Business Law

Given the current state of the nation, anything can get you into trouble. And the more assets people think you have in Washington state, the more tempting of a target you become for lawsuits. Therefore, you must always take measures to protect yourself from trial lawyers. Here’s a look at where you can start.

Use asset protection trusts

Business transactions and litigation are a part of life. As an entrepreneur or business owner, you’re especially more vulnerable. One way to protect yourself is using an asset protection trust. This is an irrevocable trust that can shield your property from creditors, lawsuits, and other financial threats.

Use offshore accounts

Offshore accounts can provide privacy and confidentiality that you may not find here in Washington state. You can also use them to diversify your investments and protect your money from things like inflation and currency fluctuations.

Of course, there are some risks associated with offshore accounts. The most notable is the potential for tax evasion. But as long as you comply with all the rules and regulations, there’s no reason you can’t use an offshore account to protect your assets.

Use a limited liability company (LLC)

An LLC is a business entity that offers its owners personal liability protection. This means that if someone takes legal action against the LLC, the creditors cannot go after the owners’ assets.

LLCs are not just for business owners, either. You can use an LLC to hold investments like real estate or stocks. And if you’re ever sued or faced with other financial threats, your LLC will help shield your assets from harm.

Before you use any method to protect your property, do extensive research about them to avoid other potential legal traps. Also, find a strategy that aligns with your unique situation and overall goals. And, don’t wait until you are hit with a court petition; start working on protecting your assets as soon as you can.